Hong Kong Northern Metropolis faces slow start due to high housing prices

Hong Kong’s ambitious Northern Metropolis project, designed to become a high-tech and residential hub for 2.5 million people, is facing early challenges following tepid residential sales. The development, which aims to deepen economic links with mainland China near the Shenzhen border, is seeing resistance from homebuyers due to high pricing.

Wheelock Properties reported that only 56 of the 100 apartments offered at its Park Silicon project in Kwu Tung were sold on the debut day. The average price of more than HK$17,000 per square foot in this outlying area nearly matches prices in more central urban locations like West Kowloon. Analysts suggest these high prices in a relatively remote area may dampen interest in future launches within the region.